SIDBI today said it plans to launch a Rs 1,000-crore venture capital (VC) fund, aiming at the high growth industries.

"We are going to launch Rs 1,000 crore VC fund, aiming at the high growth industries in the SME sector," SIDBI Deputy Managing Director N K Maini said.

The fund would be launched by its subsidiary SIDBI Venture Capital Limited.

Speaking to reporters on the sidelines of a CII seminar on SME here today, Maini said the institution had sanctioned Rs 35,000 crore last fiscal and disbursements made were Rs 32,000 crore.

He said target disbursements during the current financial year was Rs 41,000 crore.

Maini said SIDBI would shortly launch a new electronic bill discounting platform named N-Trees.